Crown Cement’s profit plummets 89 percent in July-Sep

Crown Cement PLC's profit slumped in the first quarter ending September 30 of its current financial year, owing to decline in production and sales for political unrest and recurrent floods. 

The cement producer said its earnings dipped 89 percent year-on-year to Tk 3.77 crore in July-September quarter from a year ago.

Earnings Per Share (EPS) of Crown Cement fell to Tk 0.25 in July-September period from Tk 2.32 a year ago, according to its unaudited financial statements released today. 

The company cited political instability and severe floods as primary factors hindering sales, which resulted in the underutilisation of its manufacturing capacity.

Crown Cement cited weak market demand during the monsoon season and disruptions caused by political turmoil for the sales decline.

Shares of Crown Cement rose 0.75 percent to Tk 53.7 on the Dhaka Stock Exchange as of 2:32 pm today.